Leading Bitcoin Machine Manufacturer to Halt Sales in China Operations Following Crypto Crackdown: Report

While Bitmain is yet to officially confirm its plans of shutting down sales in, China, people familiar with the matter have spoken to the media.

By Radhika Parashar | Updated: 29 September 2021 13:24 IST

Leading Bitcoin Machine Manufacturer to Halt Sales in China Operations Following Crypto Crackdown: Report

Chinese crypto-associated companies restructuring businesses after China's crypto ban

Highlights

Chinese Bitcoin mining machine maker Bitmain may exit China
The company may move manufacturing facilities to other nations
China made crypto trading a punishable offense last week

Bitmain, the Beijing, China-headquartered manufacturer of Bitcoin mining machines is reportedly considering the suspension of sales in mainland China. The move comes after China imposed a blanket ban on crypto activities earlier last week, categorising them as punishable offenses. Bitmain has not made any announcements about this as of now, but three people familiar with the matter have revealed the information to the media on the condition of anonymity. Bitmain is also reportedly planning to withdraw production from China for the same reasons.

Founded in 2013, Bitmain owned a whopping 46 percent of the market share in the segment of crypto mining machines till June 2020, according to a research report by Bitmex at the time.

Earlier, Chinese e-commerce major Alibaba announced that it was seizing the sale of all crypto-mining machines via its platform in China, various reports said.

Shaken-Up Crypto Markets Dent Bitcoin, Ether Second Day in a Row

In addition, China-based Ethereum mining pool Sparkpool declared the end of China operations following the country's crackdown on crypto trading. The company backed its decision as a way to safeguard the crypto assets stored by Chinese users on its servers.

Cryptocurrency Miners Are Having a Tough Time Exiting China

But while China is cracking down on cryptocurrency citing the environmental impact, other countries and, cities which support digital currency are trying to find ways to curb the environmental impact of crypto mining instead. Francis Suarez, the mayor of US' Miami city, for instance, has proposed to set up Bitcoin mining centres near a nuclear plant in Florida state aiming to shrink the carbon footprint of miners.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: China, Bitmain, Cryptocurrencies, Bitcoin, Alibaba, Sparkpool, Crypto Ban

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More